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International Accounting Standard 1

International Accounting Standard 1. Presentation of Financial Statements. Objective. Scope. List of IFRS. List of IAS(IFRS). Contd…. Definitions. Components of other comprehensive income. Definitions. Complete set of financial statements. General Features.

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International Accounting Standard 1

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  1. International Accounting Standard 1 Presentation of Financial Statements

  2. Objective

  3. Scope

  4. List of IFRS

  5. List of IAS(IFRS) Contd…

  6. Definitions

  7. Components of other comprehensive income

  8. Definitions

  9. Complete set of financial statements

  10. General Features

  11. Fair presentation and compliance with IFRS

  12. Fair presentation and compliance with IFRS

  13. Going Concern

  14. Accrual Basis of Accounting

  15. Materiality and aggregation

  16. Offsetting

  17. Frequency of reporting

  18. Comparative Information

  19. Consistency of presentation

  20. Structure and content

  21. Identification of the financial statements

  22. Statement of financial position

  23. Information to be presented in the statement of financial position

  24. Information to be presented in the statement of financial position

  25. Current / non current distinction

  26. Current assets

  27. Current liabilities

  28. Specific Discussion (Para 70-76)

  29. Information to be presented either in the statement of financial position or in the notes

  30. Statement of comprehensive income • Information to be presented in the statement of comprehensive income • Profit or loss for the period • Other comprehensive income for the period • Information to be presented in the statement of comprehensive income or in notes

  31. Analysis of Expenses • ‘Nature of expenses’ method • ‘Function of expenses’ method

  32. Statement of Changes in equity • Total comprehensive income for the period • Effect of retrospective application or retrospective restatement (IAS 8) • Reconciliation between the carrying amount at the beginning and the end of the period • Dividend distributed per share

  33. Statement of cash flows – IAS 7

  34. Notes • Structure • Disclosure of Accounting Policies • Sources of estimation uncertainty • Capital • Other disclosures

  35. Notes - Structure • Basis of preparation of the financial statements and the specific accounting policies • Information required by IFRSs that is not presented elsewhere in the financial statements • Information relevant to an understanding of financial statements • Systemic manner, cross reference

  36. Notes: Disclosure of Accounting Policies • Measurement basis used in preparing the financial statements • Other accounting policies used that are relevant to an understanding of FS • Judgments that management has made in the process of applying the entity’s accounting policies

  37. Notes: Sources of estimation uncertainty • Information about the assumption • Major sources of estimation uncertainty Capital An entity shall disclose information that enables users of its financial statements to evaluate the entity’s objectives, policies and processes for managing capital

  38. Notes: Other disclosures • An entity shall disclose in the notes: • Dividend proposed or declared • Amount of any cumulative preference dividends not recognized • Domicile and legal form of the entity, its country of incorporation and the address of its registered office • Description of nature of the entity’s operations and its principal activities • Name of the parent and the ultimate parent of the group

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